DDM Analysis: CHAYO.BK

Valuation Snapshot

Stable Growth	$10.63 - $45.15	$26.38
Multi-Stage	$5.20 - $5.69	$5.44
Blended Fair Value	$15.91
Current Price	$1.85
Upside	760.04%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	10.65%	0.00%	0.03	0.00	0.00	0.00	0.00	0.02	0.05	0.00	0.04	0.00
YoY Growth	-	-	909.29%	6.37%	-22.18%	-0.42%	-80.07%	-61.04%	0.00%	-100.00%	0.00%	0.00%
Dividend Yield	-	-	1.61%	0.07%	0.04%	0.04%	0.05%	0.75%	1.95%	0.00%	1.77%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	263.77
(-) Cash Dividends Paid (M)	1.58
(=) Cash Retained (M)	262.18

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	52.75	32.97	19.78
Cash Retained (M)	262.18	262.18	262.18
(-) Cash Required (M)	-52.75	-32.97	-19.78
(=) Excess Retained (M)	209.43	229.21	242.40
(/) Shares Outstanding (M)	1,161.71	1,161.71	1,161.71
(=) Excess Retained per Share	0.18	0.20	0.21
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	0.18	0.20	0.21
(=) Adjusted Dividend	0.18	0.20	0.21
WACC / Discount Rate	7.30%	7.30%	7.30%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$10.63	$26.38	$45.15
Upside / Downside	474.80%	1,325.91%	2,340.79%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	263.77	280.91	299.17	318.62	339.33	361.38	372.23
Payout Ratio	0.60%	18.48%	36.36%	54.24%	72.12%	90.00%	92.50%
Projected Dividends (M)	1.58	51.91	108.78	172.82	244.72	325.25	344.31

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.30%	7.30%	7.30%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	47.93	48.38	48.83
Year 2 PV (M)	92.71	94.48	96.26
Year 3 PV (M)	135.98	139.88	143.86
Year 4 PV (M)	177.77	184.60	191.64
Year 5 PV (M)	218.11	228.65	239.59
PV of Terminal Value (M)	5,367.14	5,626.37	5,895.53
Equity Value (M)	6,039.64	6,322.37	6,615.71
Shares Outstanding (M)	1,161.71	1,161.71	1,161.71
Fair Value	$5.20	$5.44	$5.69
Upside / Downside	181.02%	194.18%	207.83%

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Chayo Group Public Company Limited (CHAYO.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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